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US stock market opens higher despite weak GDP

US stock market opens higher despite weak GDP
Slowing economic growth may force Fed to delay start of tapering until December

By Ovunc Kutlu

ANKARA (AA) - US stocks opened higher Thursday despite the gross domestic product (GDP) coming in much weaker than market estimate.

The blue-chip Dow Jones jumped 173 points, or 0.49%, to 35,663 at 9.38 a.m. EDT.

The S&P 500 was up 22, or 0.48%, to 4,573.

The Nasdaq rose 72 points, or 0.48%, to 15,308.

US economic growth slowed to an annual rate of 2% in the third quarter, according to a first reading released by the Commerce Department. The market expectation was a 2.7% increase.

Despite the disappointing figure, the weak data may force the Federal Reserve next week to postpone the start of tapering -- the process of reducing its asset purchases -- until December to provide one more month of liquidity for the economy.

The yield on 10-year US Treasury notes was up 1.15% to 1.547%.

While the dollar index fell 0.15% to 93.67, the VIX volatility index, known as the fear index, was down 2.65% to 16.53.

International benchmark Brent crude was trading at $83.36 per barrel with a 0.6% loss and US benchmark West Texas Intermediate was down 0.5% to $82.25.

Precious metals were up with gold adding 0.3% to $1,802 per ounce and silver increasing 0.1% to $24.09.

After falling to as low as $58,000 on Wednesday, Bitcoin climbed back 4.3% to trade at $61,515.


source: News Feed
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